You might have a 9 to 5 job to make a living, but in this era of increasing requirements, no income seems enough. You might be thinking of making some added income apart from what you already do. Having an investment option early in your career might be a good opportunity to go on with the increasing demands of the household.
Your passive income option should be such that you need not invest too much of your time on them, and the returns keep coming. You will have to pay upfront in bulk or installments to start generating the income later. Bulk amount need not be a large amount, you can start with small amounts of investment if you like, but you have to make the payment at a time.
1. Invest in a business
If you are planning to have some passive income, where you invest, and you leave it for future returns, you can consider investing in some profitable business. By making this investment in the business, you become the silent partner of the company. It is a high risk, high gain opportunity.
You can lend money in small amounts to various companies, and if the company makes a profit, you get a portion of it. There are various tools available in the market that can assist you in making the investments in any business. Before you invest in any business, try to understand the market trends properly so that you can assess the risk factors ahead and decide how much and where to invest your money.
Investing in other’s businesses can be risky, but if you are sure of your actions, there is nothing to worry about. The only thing you need to keep a close watch on is the growth and business trend of the company you have invested in, and the trends of its competitors.
2. List your place in Airbnb
If you have a house that is not in use or maybe only a part of it is being used, you can rent it out to Airbnb. You can start earning from the house as and when a booking gets placed for the same. If the location is good you might end up getting a lot of booking throughout the year. Furthermore, if your house is well-decorated and has all the amenities a person would like to avail, you might get more bookings at a time.
You can list your place on Airbnb, and the people from the company will do a proper inspection and a bit of preparation for your house, and make it ready for customers.
Depending on the kind of property you are renting out to Airbnb, your passive income may vary. However, you can surely expect a hefty amount in terms of money annually. Renting out your place at Airbnb can be a great idea to earn a passive income and that too, without much trouble.
3. Dividend Stocks
Dividend stocks have proved to be a great way of earning a passive income for a long while now. The thing about investing in dividend stocks is that you need to be very judicious, and observant. You have to research properly to be able to find stocks in which you can invest a significant amount of money, and there would be chances of good returns in forms of large dividend checks. You might have to on your toes all the time if you invest in dividend stocks, but over some time, you can expect to accumulate a large corpus of added income.
Go through the different stock market apps and try to open an account with the best offer and the least amount of brokerage. Some of the online platforms even offer some rewards while you open your accounts. Some free investing platforms which allow you to build your portfolio without any charge.
Investing in dividend stocks can be a very profitable investment opportunity where you can build a good portfolio with the least number of stocks possible. Be patient as the income might take a while to get accumulated, and it will take some time for you to see an added income in your account.
4. Affiliate Marketing
Affiliate marking is a form of generating added income, and it is a trending phenomenon in the present day. Affiliate marketing is a practice where you partner up with a company and receive a commission on the sales of a product. As an affiliate marketeer, you would be responsible for marketing the product, and as and when the product gets sold from the market, you get paid.
This way, you need not worry too much, while you get an added income at the comfort of your home. The income will come from the sale of the product of the company to which you are affiliated.
5. Invest in the Stock market
The stock market is an interesting place to be. You can start earning passively by investing in the stock market. Whether you invest in the dividend stock or you don’t, you can still invest passively on the stock market and earn a hefty amount from it. The stock market is quite an unpredictable situation to be. If you think you can bear the anxiety that comes with the stock market dealings, you should start investing in it.
These days you can auto-invest in the stock market with the help of something known as the Robo-advisor. Where it is almost like a robotic financial advisor that suggests the stocks to invest in and charges a minimum fee for its services.
We suggest that you avoid day trading if you feel that you will not be able to invest much time in it.
6. Peer to peer lending platforms
Peer to peer lending is a profitable income opportunity if you already have a corpus of funds with you. Peer to peer lending refers to lending money to people and traders who are otherwise not eligible to get loans from the banks or the other lending platforms.
You can charge a small interest in the amount you lend out, and also the choosing the person to lend to, is at your discretion in most cases. However, it is advised that you check the background of your borrower before you lend money to them. It is to ensure that you are not a victim of fraud of any kind.
7. Write and Sell E-Books
If your day job seems too boring, you can break the monotonous nature of your work life by investing some time in writing and selling E-books. You can start writing for pleasure or on some tending and important topic as you like. Ensure that your knowledge about the topic you write on is unquestionable. You can approach publishers online to ask them to publish your book or even publish it yourself if you can afford the funds.
E-books have become quite popular in the present day and some people are getting into this business these days. Try your luck in getting the business for yourself. You can earn a hefty amount if your book becomes popular.
Storage rentals are also a popular way to generate an added passive income. If you have space, which you are not using, you can rent it out to different individuals against a certain amount of money. Many people are looking out for rentals storages day in and day out, and you could of immense help to them. You can in turn earn a passive income all around the day.
9. High Yielding saving account
In case you do not want to get to work up with the funds you already have, you can open a high yielding savings account and leave your funds for a prolonged time. Keep track of the different rates of interest each of the banks are offering and then select the bank which suits you the best.
Over some time, your funds will increase considerably, and you can get a lump sum amount after a time.
10. Rent your car
If your car is sitting in your garage a long time of the week, you can as well rent it out to someone who might need it. There are many car renting agencies who take your car for rent for some time and pay you for it. These renting agencies will rent out your car based on your location and pay you for the time they use it. Renting your car is a good source of passive income.
If your income feels insufficient or if you wish to earn some added income with the corpus of funds, trying out some passive income method can be a good idea. Gauge out the different opportunities available to you and then take a call as to which one you would be willing to invest in. Most of these passive incomes will generate funds over time and hence you need to be patient and wait for it to show returns.